What is GameFi?

Financial models are taking different approaches in recent times and gaming is becoming more prominent among them all.

The various financial models in the past associated with wealth creation have witnessed improvement in the various sectors on a global scale. 

In the past, content creation had been very difficult to monetize as people found it difficult to attribute and quantify whatever they have created and eventually monetize it.

These include the creation of artworks, writing, photography, gaming, and a lot more. 

I would be focusing on gaming in this article.

There are different ways of playing games that have evolved over the years from its normal way of playing to incentivizing the players in what is called the play to earn (P2E) gamification era.

What is gaming?

In a literal perspective, gaming can be referred to as the act of playing electronic games, by the use of consoles, computer systems, accessories, mobile phones, or any other medium altogether. 

Gaming is also an attributed term that denotes regular gameplay, mostly as a hobby. It can be a solitary form of relaxation by individuals in their spare time. 

However, online multiplayer video games, which is a different dimension for gaming, have made gaming a popular group activity as well.

Gaming has transcended several generations which we believed would have caused its rise in popularity. 

Consequently, while new technologies and games are developed, it is evident that the number of people engaged in gaming is experiencing a steady growth in a corresponding manner. 

There is now an increase in gaming applications on our smartphones and digital devices, which enables easy access to these games on the go. 

Also, the use of motion sensors is some of the new technologies that have spurred new types of gaming development in recent times. 

Such that the term gaming has taken a new distinction in its users where they can be classified into two groups: “casual gaming”, which is used to refer to intermittent gaming, and “hardcore gaming” used to denote people who spend a lot of time gaming.

What is gaming finance (GameFi)?

The term “GameFi” is a recent acronym used to denote gaming finance. 

This is a result of the continuous development associated with the blockchain technological space. 

So in other words, Gaming Finance would basically refer to an incentivization by a financial system for individuals to create profit by simply participating in play-to-earn blockchain games. 

Play-to-earn games are one of the best ways to incentivize and engage players in the new gaming domain. 

In the long run, this gives a definite answer to “What is GameFi?” in a basic manner.

What are the key attributes of GameFi?

  • GameFi brings the best out of gaming and finance in a way that has never been experienced before with the use of blockchain-based monetization systems for the user’s gaming experiences.
  • The GameFi games are different from the traditional games in such a way that players participate in such games basically to earn rewards.
  • In GameFi, players can create in-game assets in the form of NFTs like weapons, avatars, clothes, and other cool stuff with complete control over ownership of their assets in the play-to-earn games.  

The development of these GameFi applications and games became more popular as a result of the ability to integrate blockchain payment solutions into the games, which enables players to easily and quickly receive their incentives as they play these games.  

How do you get paid for playing games?

This has been the question on the lips of many enthusiasts who feel and think it’s impossible to make a profit by simply doing what they love (playing games).

However, the integration of blockchain technology on game-playing platforms further strengthens the viability of the key fundamentals surrounding blockchain technology. 

These include immutability, transparency, fast confirmation time for transactions and its peer-to-peer payment system which requires no third-party facilitator.

In other words, every player has control of their identity and encrypted data in the form of a private key, and such gives them access to participation in the games. 

Subsequently, when rewards are earned while playing such games, it is credited to the player’s wallet address which is tied to the private keys.

Can players make a profit playing any game from the Klever ecosystem?

There are several games that will be onboarded on the Klever ecosystem as time goes on.

However, it is already an awesome adventure for gamers and people all over the world to participate in the flagship Devikins gaming platform which is currently live on Android and IOS devices for gamers to engage.

There are several rewards for gamers and they can also trade their DVK tokens for special NFTs and equipment in the course of playing the game. 

This can also become tradable and converted to real cash in the form of rewards.

The Klever team is proud to be associated with the Moonlabs studio team to get the Devikins listed and traded on the Klever Exchange and also to be able to store them securely on the Klever Wallet.

Learn more about the Devikins project and their NFTs hosted in the Klever NFT Marketplace:

Rating: 5 Votes: 1

Your page rank:

Disclaimer: This article is for informational purposes only. The information does not constitute an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Klever.Finance does not provide financial, tax, legal, or accounting advice. There is no responsibility on the part of the company or the author for any loss or damage arising from or related to the use of or reliance on any content, goods or services mentioned in this article.

You might also like

klever news

Klever Weekly Newsletter – May 20

This was Travala’s special week where the Travala mini-app goes live in K5 and we hosted a Livestream with the Head of BD, Shane Sibley. Klever Exchange lists Decentraland (MANA) & The Sandbox (SAND).